The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the Three and Six Months Ended June 30, 2017 and 2016. An individual investor’s return and ratios may vary based on the timing of capital transactions.

NAV per Share is the NAV of the Fund divided by the number of outstanding Shares at the date of each respective period presented.

Three Months Ended

Six Months Ended

June 30,

June 30,

2017

2016

2017

2016

Net Asset Value

Net asset value per Share, beginning of period

$

15.22

$

13.30

$

15.83

$

13.35

Net realized and change in unrealized gain (loss) on United States

Treasury Obligations, Affiliated Investments and Commodity

Futures Contracts

(0.77

)

2.03

(1.36

)

2.00

Net investment income (loss) (a)

—

(0.02

)

(0.02

)

(0.04

)

Net income (loss)

(0.77

)

2.01

(1.38

)

1.96

Net asset value per Share, end of period

$

14.45

$

15.31

$

14.45

$

15.31

Market value per Share, beginning of period (b)

$

15.23

$

13.30

$

15.84

$

13.37

Market value per Share, end of period (b)

$

14.47

$

15.35

$

14.47

$

15.35

Ratio to average Net Assets (c)

Net investment income (loss)

(0.23

)%

(0.62

)%

(0.33

)%

(0.66

)%

Expenses, after waivers

0.84

%

0.88

%

0.85

%

0.89

%

Expenses, prior to waivers

0.87

%

0.88

%

0.87

%

0.89

%

Total Return, at net asset value (d)

(5.06

)%

15.11

%

(8.72

)%

14.68

%

Total Return, at market value (d)

(4.99

)%

15.41

%

(8.65

)%

14.81

%

(a)

Based on average shares outstanding.

(b)

The mean between the last bid and ask prices.

(c)

Annualized.

(d)

Total Return, at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, reinvestment of all dividends and distributions at NAV during the period, and redemption of Shares on the last day of the period. Total Return, at NAV includes adjustments in accordance with U.S. GAAP and as such, the NAV for financial reporting purposes and the returns based upon those NAVs may differ from the NAVs and returns for shareholder transactions. Total Return, at market value is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and redemption of Shares at the market value on the last day of the period. Not annualized for periods less than one year, if applicable.

The above information was disclosed in a filing to the SEC. To see the filing, click here.